Financial Performance - As of March 31, 2023, the Company reported a net income of 920,696 and interest income of 1,843,498 as of March 31, 2023, with only 172.5 million from the IPO by selling 17,250,000 units at a price of 175.95 million from the IPO and private placement proceeds into a Trust Account, which will be invested in U.S. government securities[124]. - The underwriters waived their right to a deferred fee of 875,000 to facilitate the extension of the Combination Period[124]. Business Operations and Compliance - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs[125]. - The Company has until June 9, 2023, or September 9, 2023, if extended, to consummate a Business Combination, or it will face mandatory liquidation[128]. - The Company may need to obtain alternative liquidity and capital resources to meet its needs, which may not be available[127]. Accounting Policies and Standards - The Company has identified critical accounting policies related to warrant liabilities and fair value assessments[133]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[138]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows, effective for fiscal years beginning after December 15, 2023[136]. - The company has not identified any recently issued accounting pronouncements that would materially affect its financial statements if adopted[136]. Share Structure and Equity - The company has two classes of shares: Class A and Class B, with net income per ordinary share calculated by dividing net income by the weighted average shares outstanding[136]. - Ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[135]. - The company does not have any mandatory redemption shares classified as liability instruments[135]. - The calculation of diluted net income excludes the effect of warrants underlying the Units sold in the IPO, as their inclusion would be anti-dilutive[136]. Market Risk and Reporting - The company does not have any quantitative and qualitative disclosures about market risk as it is a smaller reporting company[139]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[138].
APx Acquisition I(APXI) - 2023 Q1 - Quarterly Report